중국 상장 기업의 ESG 성과가 기업가치에 미치는 영향: 정부 정책의 매개효과를 중심으로
The Impact of ESG Performance of Chinese Listed Companies on Corporate Value: Focusing on the Mediating Effect of Government Policy
0
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
본 연구는 기업의 ESG와 성과에 관련된 기존의 논의를 확장하여 정부의 정책이 이 둘 사이의 관계를매개할 것이라는 새로운 관점을 제시한다. 먼저 신호 이론, 정보 비대칭 관점에 기반하여 기업의 ESG 활동이 정부의 호의적인 정책을 이끌어낼 수 있다고 가정하였다. 이러한 기업은 보다 많은 정부 투자를받으며, 세금과 관련되어 더 큰 혜택을 받을 가능성이 크다. 그 다음으로 제도 이론, 비시장 관점에기반하여 중국과 같이 정부의 자원 배분이 중요한 신흥 국가에서 높은 정부 지분과 낮은 환경 보호세는기업의 장기성과에 도움이 될 수 있다고 가정하고 이에 대해 검증하였다. 본 연구는 2018년부터 2022년까지중국 A주 상장 기업 중 11,696개의 제조업 기업 데이터를 활용하여 제안한 가설들을 실증적으로증명하였다. 특히 본 연구는 기업의 소유지분과 규모가 매개 모델의 각 단계에서 다시 조절효과를가져온다는 사실도 발견하였다. 본 연구는 ESG 성과에 대한 기존 연구 흐름에서 블랙박스처럼 간주되었던정부의 역할을 조절-매개 효과분석(moderated-mediation effect analysis)으로 조명하였다는 점에서이론적인 기여점이 있다. 또한 시장 제도가 충분히 성숙하지 않은 비서구권 국가에서의 비시장(nonmarket) 환경에서 기업의 ESG 전략을 제안했다는 점에서 실무적인 시사점을 기대할 수 있을것이다.
Abstract
This study expands the existing discussion related to corporate ESG and performance and presents a new perspective that government policy will mediate the relationship between the two. First, based on signaling theory and the information asymmetry perspective, it was assumed that corporate ESG activities could lead to favorable government policies. Therefore, these companies will likely receive more government investment and receive greater tax benefits. Next, based on institutional theory and non-market view, we argue that in emerging countries, such as China, where government resource allocation is important, high government ownership and low environmental protection taxes are beneficial to firms' long-term performance. This study empirically demonstrated this research model using data from 11,696 manufacturing companies among China's A-share listed companies from 2018 to 2022. Furthermore, we found that a company's ownership stake and size again have a moderating effect at each stage of the mediation model. This study has a theoretical contribution in that it sheds light on the role of the government, which was considered a black box in the existing research stream on ESG performance, through moderated-mediation effect analysis. In addition, practical implications can be expected in that the company's ESG strategy was proposed in a non-market environment in non-Western countries where the market system is not sufficiently mature.
참고문헌 (161)
- 강원, "ESG 활동의 효과와 기업의 재무적특성", 한국증권학회지, 49(5), pp.681~707 (2020)
- 김범석, "기업의 ESG 노력과 재무성과의선후생 관계 탐색적 연구", 한국생산관리학회지, 27(4), pp.513~538 (2016)
- 박순애, "대·중소 및 중견 기업의 ESG 성과와 재무가치 간의 상관관계 분석", 환경정책, 29(4), pp.151~199 (2021)
- 정진호, "기업 ESG 활동이 경영성과에미치는 영향에 관한 연구 : 기업가치관 인식의조절효과를 중심으로", Industry Promotion Research, 7(2), pp.15~29 (2022)
- Aanchal, S., "ESG-CFP linkages : A review of its antecedents and scope for future research", Indian Journal of Corporate Governance, 15, pp.48~69 (2022)
- Aguilera, R. V., "Putting the S back in corporate social responsibility : A multilevel theory of social change in organizations", Academy of Management Review, 32(3), pp.836~863 (2007)
- Alareeni, B. A., "ESG impact on performance of US S&P 500-listed firms", Bradford, 20(7), pp.1409~1428 (2020)
- Almeyda, R., "The influence of environmental, social, and governance (ESG) disclosure on firm financial performance", IPTEK Journal of Proceedings Series, (5), pp.278~290 (2019)
- Aluchna, M., "Do institutional investors encourage firm to social disclosure? The stakeholder salience perspective", Journal of Business Research, 142, pp.674~682 (2022)
- Amran, A., "The influence of governance structure and strategic corporate social responsibility toward sustainability reporting quality", Business Strategy and the Environment, 23(4), pp.217~235 (2014)
- Andrea Quintiliani, "ESG and Firm Value", Accounting and Finance Research, 11(4), pp.1~37 (2022), Sciedu Press
- Bai, Y. T., "The influence of the nature of enterprise property rights on enterprise innovation performance: The mediating effect of corporate external financing and the moderating effect of corporate information disclosure", Proceedings of the International Conference on Global Business and Management Science, pp.16~17 (2021)
- Bain, J. S., "Relation of profit rate to industry concentration: American manufacturing", Quarterly Journal of Economics, 65(3), pp.293~324 (1951)
- Bao, H., "Environmental, social, and governance performance and stock price synchronicity : Evidence from China", Journal of Business Research, 122, pp.745~758 (2021)
- Barnett, M. L., "Beyond dichotomy : The curvilinear relationship between social responsibility and financial performance", Strategic Management Journal, 27(11), pp.1101~1122 (2006)
- Baron, D. P., "Integrated strategy : Market and nonmarket components", California Management Review, 37(2), pp.47~65 (1995)
- Beck, T., "Big bad banks? the winners and losers from bank deregulation in the United States", The Journal of Finance, 65(5), pp.1637~1667 (2010)
- Bi, Q., "Environmental tax and enterprise technological innovation : Promotion or suppression?", Sci. Res. Manag, 12, pp.116~125 (2019)
- Bilyay-Erdogan, S., "Corporate ESG engagement and information asymmetry: The moderating role of country-level institutional differences", Journal of Sustainable Finance &Investment, pp.1~37 (2022)
- Gaining ground Integrating environmental, social and governance (ESG) factors into investment processes in emerging markets, "Birgden, H.", Mercer LLC & International Finance Corporation, ~ (2009)
- Campbell, J. L., "Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility", Academy of Management Review, 32(3), pp.946~967 (2007)
- Cannizzaro, A. P., "State ownership and transparency in foreign direct investment", J. Int. Bus. Stud, 49, pp.172~195 (2018)
- Chen, Y., "Effect of ESG performance on the cost of equity capital : Evidence from China", International Review of Economics & Finance, 83, pp.348~364 (2023)
- Chen, Y. H., "Effect of ESG performance on the cost of equity capital : Evidence from China", International Review of Economics and Finance, 83, pp.348~364 (2023)
- Chen, Z., "ESG disclosure and financial performance : Moderating role of ESG investors", International Review of Financial Analysis, 83, pp.102291~ (2022)
- Cho, S. Y., "Corporate social responsibility performance and information asymmetry", Journal of Accounting and Public Policy, 32(1), pp.71~83 (2013)
- Chouaibi, S., "ESG and corporate financial performance : The mediating role of green innovation : UK common law versus Germany civil law", EuroMed Journal of Business, 17(1), pp.46~71 (2021)
- Cowan, M. J., "ESG and the demand for state tax incentives", Florida Tax Review (2023)
- Cui, J., "Does corporate social responsibility affect information asymmetry?", Journal of Business Ethics, 148(3), pp.549~572 (2018)
- Cui, L., "State ownership effect on firms' FDI ownership decisions under institutional pressure : A study of Chinese outward-investing firms", Journal of International Business Studies, 43(3), pp.264~284 (2012)
- D’Amato, A., "Corporate social responsibility and frm value : Do frm size and age mat ter? Empirical evidence from European listed companies", Corporate Social Responsibility and Environ mental Management, 27(2), pp.909~924 (2020)
- Deephouse, D. L., "An examination of differences between organizational legitimacy and organizational reputation", Journal of Management Studies, 42(02), pp.329~360 (2005)
- Desender, K. A., "A clash of governance logics : Foreign ownership and board monitoring", Strategic Management Journal, 37(2), pp.349~369 (2016)
- Dhaliwal, D. S., "Voluntary non-financial disclosure and the cost of equity capital : The initiation of corporate social responsibility reporting", The Accounting Review, 86(1), pp.59~100 (2011)
- DiMaggio, P. J., "The iron cage revisited : Institutional isomorphism and collective rationality in organizational fields", American Sociological Review, 48(2), pp.147~160 (1983)
- Dong, M., "ESG 영역별 평가등급이 중국 상장기업가치에 미치는 영향", 석사, pp.2022
- Dong, M., "Does investor misvaluation drive the takeover market?", The Journal of Finance, 61(2), pp.725~762 (2006)
- Duque-Grisales, E., "Environmental, Social and Governance(ESG)scores and financial performance of multilatinas : Moderating effects of geographic international diversification and financial slack", Journal of Business Ethics, 168, pp.315~334 (2021)
- Falck, O., "Corporate social responsibility : Doing well by doing good", Business Horizons, 50(03), pp.247~254 (2007)
- Feng, J., "ESG rating and stock price crash risk : Evidence from China", Finance Research Letters, 46, pp.102476~ (2021)
- Flammer, C., "Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach", Manag. Sci, 61(11), pp.2549~2568 (2015)
- Griffin, J. J., "The corporate social performance and corporate financial performance debate : Twenty-five years of incomparable research", Business and Society, 36(1), pp.5~31 (1997)
- Gupta, M. C., "The effect of size, growth, and industry on the fnancial structure of manufacturing companies", Journal of Finance, 24(3), pp.517~529 (1969)
- Hajatpour, A., "The effect of environmental taxes on corporate financial performance: The moderating role of environmental management systems", Journal of Cleaner Production, pp.290~ (2021)
- Hardiyansah, M., "The effect of carbon emission disclosure on firm value : Environmental performance and industrial type", Asian Financ. Econ. Bus, 8, pp.123~133 (2021)
- Hayes, A. F., "Introduction to mediation, moderation, and conditional process analysis: A regressionbased approach" (2017), Guilford Publications
- He, F., "Corporate ESG performance and manager misconduct : Evidence from China", International Review of Financial Analysis, 82, pp.102201~ (2022)
- He, J., "China's stock market reaction to the announcement of the ESG leading stock index", pp.2019
- Heinkel, R., "The Effect of Green Investment on Corporate Behavior", Journal of Financial and Quantitative Analysis, 36(4), pp.431~449 (2001)
- Ho, M., "Key challenges facing the SRI indices development in China", Society and Business Review, 8(1), pp.6~17 (2013)
- Hong, J., "The role of the state in explaining the internationalization of emerging market enterprises", British Journal of Management, 26(1), pp.45~62 (2015)
- Hu, X., "Do environmental taxes affect firm performance? Evidence from China", Journal of Cleaner Production, 313, pp.127849~ (2021)
- Ioannou, I., "What Drives Corporate Social Performance? The Role of Nation-level Institutions", Journal of International Business Studies, 43(9), pp.834~864 (2012)
- Jensen, M. C., "The modern industrial revolution, exit, and the failure of internal control systems", The Journal of Finance, 48(3), pp.831~880 (1993)
- Jiang, R. J., "Seeing the Need for ISO 14001", Journal of Management Studies, 40(4), pp.1047~1067 (2003)
- Jiang, X., "Environmental protection fee-to-tax and corporate environmental social responsibility : A test based on corporate life cycle theory", Sustainability, 15(3), pp.21~ (2023)
- Jing, W., "Environmental governance effect of executive equity incentive : Be worthy of the name or a mere facade? Empirical evidence based on a-share high-pollution enterprises", Journal of Finance and Economics, 49(11), pp.50~64 (2023)
- Joliet, R., "Equity SRI funds vacillate between ethics and money : An analysis of the funds’ stock holding decisions", Journal of Banking and Finance, 97, pp.70~86 (2018)
- Jun, H., "ESG information disclosure : Connotation analysis, evaluation method and mechanism", Foreign Economics & Management, 45(06), pp.3~18 (2023)
- Jyoti, D., "Environmental taxation and firm performance : Evidence from India", Journal of Cleaner Production, 248, pp.119266~ (2020)
- Kim, J. W., "Can ESG performance mitigate information asymmetry? Moderating effect of assurance services", Applied Economics, 55(26), pp.2993~3007 (2023)
- Kleer, R., "Government R&D subsidies as a signal for private investors", Research Policy, 39(10), pp.1361~1374 (2010)
- Kordsachia, O., "Do sustainable institutional investors contribute to frms’ environmental performance? Empirical evidence from Europe", Managerial Science, 16, pp.1409~1436 (2022)
- Li, Yao, "Impact of ESG level on firm value: Evidence from a-share listed companies in China", Master, pp.2021
- Li, H., "The role of managers'political networking and functional experience in new venture performance : Evidence from China's transition economy", Strategic Management Journal, 28(8), pp.791~804 (2007)
- Li, H., "The ESG rating, spillover of ESG ratings, and stock return : Evidence from Chinese listed firms", Pacific-Basin Finance Journal, 80, pp.102091~ (2023)
- Li, H., "Political connections, financing and firm performance : Evidence from Chinese private firms", Journal of Development Economics, 87(2), pp.283~299 (2008)
- Li, J., "Environmental protection tax, corporate ESG performance, and green technological innovation", Sec. Environmental Economics and Management, 10 (2022)
- Li, S., "Corporate social responsibility, political relationship and debt financing of private enterprises : Evidence from Chinese capital market", Nankai Business Review, 17(6), pp.30~40 (2014)
- Li, X. F., "The influence of social responsibility of heavily polluting enterprises on TFP : Intermediary role based on R&D investment", Administrative Tribune, 28, pp.135~142 (2022)
- Li, Y., "Corporate social responsibility and firm value : Evidence from China's listed firms", Journal of Cleaner Production, 260, pp.120304~ (2020)
- Li, Z., "Does environmental tax affect firm performance? Evidence from China", Journal of Cleaner Production, pp.244~ (2020)
- Liao, Z., "Formal institutions and firms’ environmental innovation : A literature review", Journal of Beijing Institute of Technology, Social Sciences Edition, 25(3), pp.26~40 (2023)
- Lin, J. Y., "Competition, policy burdens and state-owned enterprise reform", American Economic Review, 88(2), pp.422~427 (1998)
- Lin, X., "Corporate social responsibility, firm performance and tax risk", Managerial Auditing Journal, 34(9), pp.1101~1130 (2019)
- Lin, Y., "Environmental regulation, innovation, and firm performance : Evidence from China", Journal of Cleaner Production, 261, pp.121048~ (2020)
- Liu, A., "Environmental protection tax on enterprise environmental, social and governance performance : A multi-perspective analysis based on financing constraints", Journal of Asian Economics, 89, pp.101671~ (2023)
- Liu, Y., "The impact of corporate environmental responsibility on financial performance—based on Chinese listed companies", Environmental Science and Pollution Research, 28, pp.7840~7853 (2021)
- López, M. V., "Sustainable development and corporate performance : A study based on the dow jones sustainability index", Journal of Business Ethics, 75(3), pp.285~300 (2007)
- Lu, D., "Biased lending and non-performing loans in China’s banking sector", J. Dev. Stud, 41, pp.1071~1091 (2005)
- Maas, N., "Moderating the relationship between ESG performance and tax avoidance", Master, Department of Economics and Business Economics, pp.2022
- Majamdar, S. K, "The impact of size and age of firm-level performance : Some evidence from India", Pacific-Basin Finance Journal, 12(2), pp.231~241 (1997)
- Marquis, C., "Corporate social responsibility reporting in China : Symbol or substance?", Organization Science, 25(1), pp.127~148 (2014)
- Marquis, C., "Community isomorphism and corporate social action", Academy of Management Review, 32(3), pp.925~945 (2007)
- Martínez-Ferrero, J., "The causal link between sustainable disclosure and information asymmetry : The moderating role of the stakeholder protection context", Corporate Social Responsibility and Environmental Management, 23(5), pp.319~332 (2016)
- Masulis, R. W., "Agency problems of corporate philanthropy", Review of Financial Studies, 28, pp.592~636 (2015)
- Meyer, J. W., "Institutionalized organizations : Formal structure as myth and ceremony", American Journal of Sociology, 83(2), pp.340~363 (1977)
- Michael, C., "The modern industrial revolution, exit, and the failure of internal control systems", The Journal of Finance, 48(3) (1993)
- Muller, A., "Extrinsic and intrinsic drivers of corporate social performance : Evidence from foreign and domestic firms in Mexico", J. Manag. Stud, 47, pp.1~26 (2010)
- Naqvi, S K., "Corporate social responsibility performance and information asymmetry : The moderating role of analyst coverage", Corporate Social Responsibility and Environmental Management, 28(6), pp.1549~1563 (2021)
- Neitzert, F., "Corporate social responsibility and bank risk", J. Bus, Econ, 92, pp.397~428 (2022)
- Nguyen, V. H., "Does corporate social responsibility reduce information asymmetry? Empirical evidence from Australia", Australian Journal of Management, 44(2), pp.188~211 (2019)
- Nirino, N., "Corporate controversies and company s financial performance : Exploring the moderating role of ESG practices", Technological Forecasting and Social Change, 162, pp.120341~ (2021)
- North, D. C., "Institutions, Institutional Change and Economic Performance" (1990), Cambridge University Press
- Parmar, B. L., "Stakeholder Theory : The State of the Art", Academy of Management Annals, 4(1), pp.403~445 (2010)
- Peng, M. W., "Managerial ties and firm performance in a transition economy : The nature of a micro-macro link", Academy of Management Journal, 43(3), pp.486~501 (2000)
- Porter, M. E., "managing sustainable business", pp.323~346 (2019), Springer
- Porter, M. E., "Toward a new conception of the environment-competitiveness relationship", Journal of Economic Perspectives, 9(4), pp.97~118 (1995)
- PWC, "ESG Value Creation Journey", ~ (2022)
- Qian, T., "State-owned equity participation and corporations’ ESG performance in China : The mediating role of top management incentives", Sustainability, 15, pp.11507~ (2023)
- Rongmei, J., "Governmental allowance, enterprise ESG and green innovation", Resources & Industries, 24(6), pp.90~ (2022)
- Ruan, L., "Environmental, social, governance activities and firm performance : Evidence from China", Sustainability, 13, pp.767~ (2021)
- Ruan, Y., "Government's role in disruptive innovation and industry emergence : The case of the electric bike in China", Technovation, 34(12), pp.785~796 (2014)
- Ruiqi, W., "R&D expenditures, ultimate ownership and future performance : Evidence from China", J. Bus., Res, 71, pp.47~54 (2017)
- Sassen, R., "Impact of ESG factors on firm risk in Europe", Journal of Business Economics, 86(8), pp.867~904 (2016)
- Scott, "Approaching adulthood : the maturing of institutional theory", Theory and Society, 37, pp.427~442 (2008)
- Scott, W. R., "Institutions and Organizations: Ideas, Interests, and Identities" (2014), Sage Publications
- Sharfman, M. P., "Environmental risk management and the cost of capital", Strat Mgmt. J, 29, pp.569~592 (2008)
- Sheng, S., "The effects of business and political ties on firm performance : Evidence from China", Journal of Marketing, 75(1), pp.1~15 (2011)
- Shi, J., "ESG and corporate financial performance : Evidence from China's listed companies", Journal of Cleaner Production, 313, pp.127837~ (2021)
- Shleifer, A., "Politicians and firms", Quarterly Journal of Economics, 109(4), pp.995~1025 (1994)
- Shu, C., "How green management influences product innovation in China : The role of institutional benefits", Journal of Business Ethics, 133(3), pp.471~485 (2016)
- Studer, B., "Development of novel microsatellite markers for the grassl and species Lolium multiflorum, Lolium perenne and Festuca pratensis", Molecular Ecology Notes, 6(04), pp.1108~1110 (2006)
- Su, F., "Assessment of diverse energy consumption structure and social capital : A case of southern Shaanxi province China", Energy, 262, pp.125506~ (2023)
- Sumit, K., "The impact of size and age on firm-level performance : Some evidence from India", Industrial Organization, 12, pp.231~241 (1997)
- Sun, P., "The dynamic value of MNE political embeddedness : The case of the Chinese automobile industry", Journal of International Business Studies, 41(7), pp.1161~1182 (2010)
- Tang, H., "The effect of ESG performance on corporate innovation in China : The mediating role of financial constraints and agency cost", Sustainability, 14, pp.3769~ (2022)
- "ESG Report"[URL]
- "Sustainability Report"[URL]
- Velte, P,, "Does ESG performance have an impact on financial performance? Evidence from Germany", Journal of Global Responsibility, 8(2), pp.169~178 (2017)
- Vilanova, M., "Exploring the nature of the relationship between CSR and competitiveness", Journal of Business Ethics, 87(01), pp.57~69 (2009)
- Wagner, M., "The effect of corporate environmental strategy choice and environmental performance on competitiveness and economic performance : An empirical study of EU manufacturing", Eur. Manag. J, 22(5), pp.557~572 (2004)
- Wang, F., "Does the environmental regulation intensity and ESG performance have a substitution effect on the impact of enterprise green innovation : Evidence from China", Int. J. Environ. Res. Public Health, 19, pp.8558~ (2022)
- Watts, R. L., "Positive accounting theory" (1986), Prentice Hall
- Watts, R. L., "Positive accounting theory: A ten year perspective", The Accounting Review, 65(1), pp.131~156 (1990)
- Weber, M., "The business case for corporate social responsibility : A company-level measurement approach for CSR", European Management Journal, 26(04), pp.247~261 (2008)
- Wong, C. W. Y., "Impact of corporate environmental responsibility on operating income : Moderating role of regional disparities in China", J Bus Ethics, 149(2), pp.363~382 (2018)
- Wong, W. C., "Does ESG certification add firm value?", Finance Research Letters, 52 (2020)
- Xiaowei, D., "The relationship between environmental taxes, technological innovation and corporate financial performance : A heterogeneous analysis of micro-evidence from China", BRICS Journal of Economics, 3(4), pp.249~270 (2022)
- Xin, K. R., "Guanxi : Connections as substitutes for formal institutional support", Academy of Management Journal, 39(6), pp.1641~1658 (1996)
- Xu, J., "The impact of environmental regulation on corporate environmental responsibility : Evidence from China", Journal of Cleaner Production, 315, pp.128228~ (2021)
- Xu, J., "The impact of ESG performance on firm value : Evidence from China", Sustainability, 11(4), pp.1137~ (2019)
- Yan, Y., "Government environmental regulation and corporate ESG performance : Evidence from natural resource accountability audits in China", International Journal of Environmental Research and Public Health, 20(1), pp.447~ (2022)
- Yi, Y., "An optimal combination of emissions tax and green innovation subsidies for polluting oligopolies", Journal of Cleaner Production, 284, pp.124693~ (2021)
- Zhang, A., "Environmental taxes, corporate social responsibility and corporate green innovation", Economic Theory and Business Management, 42(1), pp.67~85 (2022)
- Zhang, C., "What drives sustainable development of enterprises? Focusing on ESG management and green technology innovation", Sustainability, 14, pp.11695~ (2022)
- Zhang, D., "Green development behavior and performance of industrial enterprises in China", Journal of Cleaner Production, 188, pp.720~730 (2018)
- Zhang, Q., "Analysis of the pollution reduction effect of green taxation under ESG concept", ~ (2022)
- Zhang, X., "Can companies get more government subsidies through improving their ESG performance? Empirical evidence from China", PLoS ONE, 18(10), pp.e0292355~ (2023)
- Zhang, Y., "The impact of environmental tax on firm value : Evidence from China's listed firms", Journal of Environmental Management, 280, pp.111682~ (2022)
- Zhang, Y., "The relationship between ESG performance and firm value : Evidence from China's A-share listed firms", Sustainability, 10(9), pp.2791~ (2018)
- Zhengfei, "Industry life cycle, market concentration and economic performance” An empirical study based on 493 sub-sectors of China’s industry", Economic Survey, 36(3) (2019)
- Zhengfei, X., "Research on the impact of ESG performance on enterprise value from the perspective of firm heterogeneity", International Journal of Scientific Engineering and Science, 7(2), pp.46~53 (2023)
- Zhong, S., "Exploring the relationship of ESG score and firm value using fsQCA method : Cases of the Chinese manufacturing enterprises", Frontiers in Psychology, 13, pp.1019469~ (2022)
- Zhou, K. Z., "State ownership and firm innovation in China : An integrated view of institutional and efficiency logics", Admin, Sci. Q, 62, pp.375~404 (2017)
- "安徽壹石通材料科技股份有限公司 2023年度环境、社会及公司治理 (ESG) 报告" (2023)[URL]
- 陈建林, "家族控制, 非控股国有股权与民营企业债务融资", 经济科学, 2015(4), pp.95~106 (2015)
- "陈世清:对称经济学术语表(二)"[URL]
- 葛丹丹, "ESG表现, 政府补助与企业价值的关系研究——以制造业为例", 科技创业月刊, 8, pp.141~145 (2023)
- 黄洁, "第一大股东持股比例与公司业绩的关系研究", 华东经济管理, 21(2), pp.26~30 (2007)
- 李碧宇, "企业社会责任的同群效应及动机研究——基于政府寻租与品牌效应的视角", 财会通讯, 01, pp.75~80 (2023)
- 齐雨竹, "Research on the impact of environmental protection Tax on Corporate ESG performance in the context of “Dual Carbon”: A perspective on the greening of corporate behavior", 硕士, pp.2023
- 秦炘田, "机构投资者持股与企业 ESG 表现的相互影响", Frontiers of International Accounting, 12, pp.516~ (2023)
- "时代财经:环保税实施效果显著 绿色税制力促节能减排守护绿水青山" (2021)[URL]
- 王琳璘, "ESG 表现对企业价值的影响机制研究", 证券市场导报, 5, pp.23~34 (2022)
- 魏诗嫚, "政府持股对企业对外直接投资速度的影响机制研究", pp.2020
- 魏延鹏, "国有资本参股对民营企业 ESG 表现的影响研究", Chinese Journal of Management, 20(7), pp.984~ (2023)
- 吾买尔江, "机构投资者持股对企业价值的影响研究——基于ESG 绩效的中介效应分析", 价值理论与实践, (3) (2021)
- 肖月瑶, "环境保护税、技术创新与企业ESG表现——基于2015-2020年沪深A股上市公司数据的分析", 财会研究, (05), pp.11~15 (2023)
- 楊靜婷, "Government Shareholding, Political Relationships, and Corporate Performance. An Empirical Study of Listed Companies in Taiwan", 碩士, pp.2022
- 朱兰舟, "审计视角下优化国有企业资产负债率的路径探讨", 大众科技, 24(5), pp.171~173 (2022)
